LISTEN: Strategic development in Istanbul’s emerging fringe districts will be key to avoiding oversupply in the city’s central business district, says one of Turkey’s leading developers.
Robert Varon, business development director of Maryapi, a mixed-use developer and the company behind Istanbul’s new G Yoo by Philippe Stark residential project, said that fears of gentrification and residential oversupply in Istanbul stem from too many similar premium projects being developed in the same location.
He said: “We believe in the future of the regeneration areas where there is a potential for investors to see good returns.”
Varon is overseeing the development of a 721-flat Yoo scheme in the western district of Bagcilar. An area where 27 new hotels are being planned and one he predicts will be “transformed” within the next two years.
The G by Yoo project will be made up of two 35-storey towers, the first triangular buildings in Istanbul: “We are bringing this huge international brand here. And this will be a niche project delivering affordable luxury. In the premium locations you are looking at over $10,000 a square foot. What we are offering will be $3,000.”
emily.wright@estatesgazette.com
